Covid-19 Impact on Waste Recycling Services Market Size To Reach $80.30 Billion By 2027
January 2021 | Report Format: Electronic (PDF)
Waste Recycling Services Market Growth & Trends
The global waste recycling services market size is projected to reach USD 80.30 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.2% from 2020 to 2027. Rising awareness regarding proper disposal of waste to safeguard the environment and human health has resulted in the emergence of various disposal methods and techniques.
Growth in the urban population and rising disposable incomes are expected to promote the growth of the housing sector at the domestic level across the globe. As a result, improvement in the housing industry is expected to increase the penetration of these recycling services in the residential sector, which, in turn, is likely to boost the market growth over the forecast period.
Rising investments in various industries and stringent regulations pertaining to discharges from these industries are some of the key factors driving the demand for waste recycling services in the industrial applications across the globe. In addition, growing demand for agro-based products and organic foods is expected to stimulate the product demand over the forecast period.
Governments around the world are adopting the public-private partnership (PPP) model to match the operational expertise provided by the private sector. Government-led initiatives are anticipated to boost the market growth, which, in turn, is expected to generate increased demand for these services over the coming years.
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Waste Recycling Services Market Report
Waste Recycling Services Market Report Highlights
- In terms of product, the plastic recycling is projected to expand at the fastest CAGR of 7.1% from 2020 to 2027 owing to several initiatives taken by environmentalists, governments, and non-profit organizations to reduce plastic waste across the globe
- By product, the electronic waste accounted for 16.7% share of the overall revenue in 2019 as manufacturers are focusing on recycling, disposing, and reusing to ensure a sustainable future both in developed and developing economies
- By application, the municipal segment held the largest share of 60.2% in 2019 owing to rising investment in waste recycling services in the municipal sectors of developing economies, including India, Turkey, China, Bangladesh, and Thailand
- Asia Pacific is projected to witness robust growth over the forecast period due to rapid industrialization, increasing population, and economic growth, resulting in increased waste generation over the coming years
- The market has been witnessing key developments by the key players in terms of technological advancements and sustainability in order to save the operational cost and increase the profit margins.